Stablecoin issuer Tether’s latest attestation report reveals that the firm made record profits in Q4, mostly driven by interest payments from US treasuries.
According to the report, Tether made $2.5 billion in profits during the fourth quarter of 2023, the highest net profit the firm has ever seen.
“In terms of financial performance, the fourth quarter witnessed a record-breaking net profit of $2.85 billion, of which ~$1 billion in net operating profits (were primarily interests from US Treasuries) with the remaining primarily from the appreciation of Gold and Bitcoin reserves.
The excess reserves registered an all-time high increase of $2.2 billion totaling $5.4 billion, while the remaining $640 million was invested in various strategic projects (such as mining, AI infrastructure, P2P telecommunications and others).
These are confirmed to remain outside of the consolidated reserves report within a new segregated VC…
